Most imports tariff-free under no-deal plan

Category : UK News
Updated On : March 13, 2019 10:38 PM
By Indian Times Daily

The government has announced that most imports into the UK would not attract a tariff in the event of a no-deal Brexit. Under a temporary scheme 87% of imports by value would be eligible for zero-tariff access. At the moment 80% of imports are tariff free.

Tariffs would be maintained to protect some industries, including agriculture. Beef, lamb, poultry and some dairy products would receive protection. A tariff is a tax applied to goods that are traded on international markets.

In the great majority of cases, tariffs are applied to imported goods by the country importing them. But there can also be tariffs on exported goods. The new tariff regime would mark a shift in favour of products from non-EU countries. It would mean 82% of imports from the EU would be tariff-free, down from 100% now.

92% percent of imports from the rest of the world would pay no border duty, up from 56%. Under the plan, the UK car industry will receive some protection, with some imported cars attracting tariffs. But car parts from the EU would be tariff free, which will help car plants in the UK.

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